On Tuesday, Scott Rudin, lead producer of the mega-hit Broadway revival of "Hello, Dolly!" announced that two-time Tony Award winner Bernadette Peters, 69, will succeed Bette Midler in the beloved musical's title role. Midler, 71, is set to play her final performance on January 14.

The changing-of-the-guard will also include Midler's co-star David Hyde Pierce, who plays Horace Vandergelder in the Jerry Herman tuner. He'll be replaced by four-time Tony nominee and three-time Emmy nominee Victor Garber.

Both Peters and Garber will begin performances on January 20 prior to an official press opening on February 22.